Thread by @AdamDraper

1/ The Metaverse is here, just not evenly distributed.

Here are some of my thoughts on the state of Virtual Reality. #VR

A Thread 👇👇👇👇👇👇👇👇

2/ In 2014-2015, there were 1000 startups all trying to conquer "The Metaverse," on the news that @oculus was acquired by @Facebook. Investors flooded the space with capital and hope.

3/ What was not clear to the builders and the investors, was that the technology had been acquired, but there was no market, heck, there wasn't a commercially viable product yet. So the perceived market that was imagined was a hollow shell, with an epic demo.

4/ But the perception led to Billions of dollars being invested. Where there's smoke...

5/ In 2018-2019, so many investors lost money from those initial investments. No acquirers existed, and every founder was doing too much. Everyone thought that building a "Metaverse" started with a "Metaverse" but it just starts with people having fun experiences.

6/ The Rift and the vive were fantastic products- just complicated. We had companies in this time frame doing hundreds of thousands in ARR.

7/ Playstation VR was actually the best platform for money making at the time. So some of the best content on the Rift, ported to the Playstation.

8/ In 2019, Facebook launched the Quest. This was the singularity that the market needed. The first untethered, commercially accessible headset... for $300.

In the first months it became clear that there was a clear line of success: You were either on the quest or you were not.

9/ Revenue for companies on the Quest continued to increase... along with Facebooks investment into the ecosystem.

10/ We are now on the Quest 2. The Quest 2 is epic. This is the thing that everyone wanted. There are going to be 10m headsets out there by the end of the year, and this is about to be the fastest growing computer market.

11/ However, the perception from investors has completely changed. When Oculus was acquired, they felt the market was full, when it was in fact still early, it is now full... but the investors believe it's a shell.

12/ This is a long story, just to say... I think @BoostVC and a handful of other VCs are the only investors still focused in this market, and the market is a monster. I'm as excited as the first time I tried on a samsung headset.

13/ #VR is here. It's at home. For the low price of $300.

Not sure why people aren't freaking out that we live in the future.

14/ If you are a #VR founder who believes in this market, please apply to @BoostVC. We are going to continue supporting #VR because it's here and under-valued by 100x.
boost.vc/apply